(A) The wireless provider shall carry, at the wireless provider's own cost and expense, the following insurance:
1. Property insurance for its property's replacement cost against all risks;
2. Workers' compensation insurance, as required by law; and
3. Commercial general liability insurance with respect to its activities on the village improvements or rights-of-way, including coverage for bodily injury and property damage in the amount of not less than one million dollars ($1,000,000.00) per occurrence with an aggregate limit of not less than one million dollars ($1,000,000.00).
(B) The wireless provider shall include the village as an additional insured on the commercial general liability policy and provide certification and documentation of inclusion of the village in a commercial general liability policy prior to the collocation of any wireless facility.
(C) A wireless provider may self-insure all or a portion of the insurance coverage and limit requirement required by the village. A wireless provider that self-insures is not required, to the extent of the self-insurance, to comply with the requirement for the name of additional insureds under this section. A wireless provider that elects to self-insure shall provide to the village evidence sufficient to demonstrate its financial ability to self-insure the insurance coverage limits required by the village.
(D) As used in this section, "financial ability to self-insure" shall mean having and maintaining net unrestricted assets of at least one hundred million dollars ($100,000,000.00), as determined in accordance with generally accepted accounting methods consistently applied, while maintaining appropriate loss reserves for the amount of self-insurance obligations established in this section and otherwise which are actuarially derived in accordance with accepted standards of insurance industry and accrued or otherwise funded. (Ord. 2018-07, 7-16-2018)